The short description of a transaction written at the end of a journal entry is known as _______________.

A. Summary

B. Narration

C. Memo

D. Info

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  1. Depreciation cannot be provided in case of loss, in a financial year.
  2. The first step of accountancy is
  3. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  4. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  5. Choose the odd one out
  6. Goodwill is not a fictitious asset.
  7. Capital of the business is an example of external liability.
  8. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  9. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  10. Net Realisable Value of an asset means
  11. The account which can never have a credit balance is
  12. All credit sales are recorded in
  13. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  14. All indirect expenses are charged against
  15. Cash is an example of
  16. Which of the following events is not a transaction?
  17. HUF stands for
  18. The aggregate of direct material, direct labour and direct expenses is known as
  19. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  20. Accrual concept implies accounting on cash basis.
  21. All events are transactions but all transactions are not events.
  22. According to the Concept of Conservatism, an accountant should
  23. Providing depreciation ensures sufficient cash for asset replacement.
  24. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  25. Which of the following equation(s) is(are) true
  26. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  27. WIP stands for
  28. Depreciation is not charged on _______________.
  29. E. & O.E.
  30. Business ventures, which are started for a predefined period, are known as _____________ventures